No one starts a business to bury their head in spreadsheets. For most people tracking income, expenses, and taxes is the last thing they want to do, especially if they don't have a background in bookkeeping. However, bookkeeping is an essential part of any small business regardless of its size or industry. Bookkeeping involves maintaining accurate records of all the money that comes in and goes out of your business, including sales, purchases, expenses, and payments.